Banks should go digital says Monitise
The time is right for a new breed of digital-only banks to enter the market and steal away share from the established players, according to a new report by Monitise.
Retail Banking
Customer Not Present threat prompts response from US providers
As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.
Diebold unveils concept banking “experience” at Money20/20
ATM maker Diebold has unveiled a new concept banking platform with four “experience zones” at the Money2020 conference in Las Vegas. The concept aims to demonstrate how banks can combine convenience, security and self-service with a low cost ‘footprint’.
Don’t neglect social media and tablets, banks warned
Banks will be judged on how well they provide mobile services and social media interaction in the coming years. Instead of being just another channel, these forms will be the first point of contact for customers, according to a new report by analyst firm Celent.
Brett King preaches the “good news” of mobile banking
Banks need to stop trying to exploit customers and start actually helping people, according to Brett King, chief executive at Moven. Instead of getting people to max out their credit card, a progressive bank should use smartphones and Big Data to help the consumer with the little things.
Hollywood Sharia Law controversy rekindles Islamic finance debate
Controversy over Sharia Law reached Hollywood recently as protesters boycotted the glamorous Beverly Hills Hotel over a tough new code introduced by the hotel’s owner, the Sheikh of Brunei. More prosaically, bankers remain divided over how best to respond to demand for Sharia-compliant banking.
Lloyds closures highlight shift to digital banking
Lloyds Banking Group’s decision to close 200 branches and axe 9,000 staff was to be expected – but the firm’s digital plans highlight the changing nature of retail banking and the bank branch in general.
Emerging market banks lead on customer experience innovation
Banks in fast growing and rapidly developing markets have greater ambition to innovate and invest more in research and development on customer experience than those in mature markets, though all are increasing their investments.
The death of the branch? Or is mobile over-hyped?
Do banks still need branches, or does the smartphone make a physical presence obsolete? Panellists disagreed during a spirited debate hosted by ATM maker Wincor Nixdorf in Istanbul last week.
“Mobile is the future” says Garanti Bank
Banks are pioneering advanced technologies in Turkey, giving the country a headstart over many of its European counterparts. In Istanbul, Garanti Bank explained how it pays for its customers to get mobile internet access – and how it is using social media to attract and keep customers.
Connect with customers or face extinction, banks told
Banks in Italy and beyond must find new ways to connect with consumers, or risk going out of business. But how to achieve a successful transformation exercised the minds of senior bank representatives at the SIA Expo in Milan this week.
Why security strategies must adapt to the retail banking revolution
As banks develop new retail styles, they face new security challenges as the changing use of space in-store means surveillance and alarm systems must evolve in tandem.
SIA to shake up “fossilised” P2P payments in a Jiffy
Italian payment processing specialist SIA has released a new P2P payments service that allows users to send and receive funds on their smartphone using their phone contacts. Called Jiffy, the app has been welcomed by Italian retail banks – but SIA’s ambitious plan calls for the service to be rolled out to 400 million European current account holders.
CaixaBank launches Gemalto-powered NFC mobile payment wristband
CaixaBank, one of Spain’s largest banks, has moved into the wearable payment technology space with the launch of an NFC-enabled wristband capable of making contactless payments. Security vendor Gemalto has supplied its Optelio Contactless MiniTag, which links the wristband to the user’s existing payment card.
ICICI Bank unveils Indian mobile app quartet
India’s ICICI Bank has launched four new mobile banking apps, as part of a drive to adopt digital channels and spread into India’s vast rural hinterland.
The rise of the challenger banks
The face of retail banking in the UK is changing. In July 2010, the sector witnessed something not seen in over 100 years – the launch of a new high street bank. And where Metro Bank led the way, new and non-financial consumer brands are following suit.
Private banks set to benefit from UK account switching
As the UK Payments Council looks back on the first year of its current account switching service, numbers have risen but the change has been gradual and a disappointment to some. That could soon change as private banks make their move, according to senior financial services experts.
The brave new world of mobile banking
The digital era is changing your bank rapidly. Is your mobile testing & assurance practice ready? P Venkatesh, director of the product division, and Srivatsan TT, vice president of the solutions group, at Maveric Systems discuss the issues
The mobile movement driving multi-channel banking
Despite the significant challenges faced by the UK’s banking sector over the last decade, there has been a dramatic evolution in the customer experience following the introduction of online, telephone and mobile banking. While the branch remains an important channel, especially for older customers, mobile technology is rapidly redefining how customers interact with their banks.
Apple’s arrival will change the payments landscape – eventually
Apple may have lined up the chief executives of Bank of America and JP Morgan Chase to laud the launch of Apple Pay, but reaction from the wider industry was more muted – disappointed, even.
UK account switching service lures a million customers in its first year
Just over one million UK consumers have switched their current accounts using the UK Payments Council’s seven-day switching service during its first year of life, according to new figures released this week – but some observers believe more change is needed.
Millicom ramps up African mobile money rush in Tanzania
Telecoms company Millicom has stepped up its push to gain ground for its mobile money service in the Tanzania as competition heats up between operators in the region
Barclays’ Harte: Alibaba and the forty fears of bank transformation
Michael Harte, chief operations and technology officer at Barclays, says the growth of Chinese online e-commerce business Alibaba is the threat that keeps him awake at night – and that major banks could be in danger of losing touch with their own customers.
FCA issues considerations on the procurement of off-the-shelf technology solutions
The Financial Conduct Authority has recently issued a series of “considerations” for firms that are thinking about using third-party technology banking solutions. The considerations do not seek to tell firms how to structure their IT procurements but rather provide a useful framework for firms to demonstrate that their IT services are effective, resilient and secure.
Getting ready for mobile payments
With the penetration of mobile devices, such as smartphones and tablets constantly growing, attention is increasingly turning to mobile marketing, mobile commerce and mobile payments. It is still the case, however, that these trends are largely played out in specialised media, and do not influence the actual behaviour of consumers. This is especially true for mobile payments, with consumers very sceptical about this concept
Faisal Bank gets to grips with Islamic risks
As demand for Islamic banking services continues to rise, Faisal Islamic Bank of Egypt has overhauled its risk management to better handle the unique needs of ethical banking.
Westpac makes digital banking push through IBM private cloud
Australian bank Westpac has signed up IBM to assist a major digital banking push in New Zealand. The bank plans to use IBM’s private cloud technology to build mobile services and social media presence.
Unlocking the potential of Africa
From Senegal to the Seychelles, and Botswana to Uganda, new demands and new opportunities are emerging in Africa, but there are still challenges
UK banks in danger of falling behind warns study
UK banks may lose out to nimbler competitors if they don’t modernise their systems and update their infrastructure, according to a new report by research house TechMarketView.
Open plan development: collaboration in retail banking
One of the most distinguishing features of the current wave of financial innovation is how the innovators are often not banks, but small fintech firms often led by former bank employees.
Card use extending to smaller purchases as contactless catches on
Growth in the volume of debit and credit card purchases in the UK continues to outstrip the growth in value as consumers use their cards more frequently for lower value payments. A threefold increase in contactless payments was a factor in the trend.
UK looks to cryptocurrencies and FinTech to boost economy
The UK Government is to examine the potential of digital currencies as positive force in the wider economy and as a means of encouraging innovation in financial services.
Diebold: on the comeback trail
After a decade of being the ATM maker you’ve never heard of, Diebold is returning to Europe and a year into his tenure as president and chief executive at the firm, Andy Mattes thinks that the company’s profile is about to change.
London Underground goes contactless as EE unveils NFC plans
London Underground, DLR and Overground trains are to accept contactless payments, following an announcement from Transport for London. The decision comes as mobile operator EE sets out plans to support NFC payments on London Underground, the UK’s biggest building society begins issuing contactless cards to its customers, and Apple explores cooperation with Visa on a potential new mobile wallet.
UK retail banks could lose out to supermarkets warns study
The UK’s high street banks are failing to satisfy consumers and may be in danger of falling behind the big supermarkets, leaving them vulnerable to competitors, according to a new report by VerintSystems and the Customer Contact Association.
UK to launch competition investigation into retail banking
Essential parts of the UK retail banking sector lack effective competition and do not meet the needs of personal consumers or SMEs, according to government body the Competition and Markets Authority, which is now planning to launch a full investigation that could last 18 months.
UK bank customers weigh up pros and cons of account switching
Current account holders in the UK are switching between banks more often than before – but with some customers struggling to see the difference between banks, more needs to be done to make switching worthwhile.
Banks must rethink digital banking says Accenture
Surprising changes in customer behaviour suggests that banks need to revisit their approach to branch banking and digital services, according to a new study by Accenture.
Back-office legacy still holding back banks
Setting up a bank in the UK is costly, time-consuming, heavily regulated and not easy. As a result, the dynamic, start-up culture that drives innovation in many other sectors is less prevalent within banking and financial services.
Mobile banking to overtake online within five years
Analyst firm Juniper Research reckons more people will be using mobile apps for banking than web-based options by 2019, as the 800 million people who used their phones for banking more than doubles to 1.75 billion in five years.
